Albion Residential scores $57M construction loan for Oak Park resi tower

The 265-unit apartment building would rise near Austin Gardens park in the village’s downtown

TRD CHICAGO /
May.May 09, 2018 01:00 PM

The Albion at Oak Park at 1000 Lake Street (Credit: Albion-Residential)

Albion Residential scored a $56.8 million construction loan for a residential tower in suburban Oak Park.

The Chicago-based firm secured the loan from CIBC Bank USA for the 265-unit Albion at Oak Park tower at 1000 Lake Street, county records show.

Albion officially bought the property on Nov. 1 for $7.15 million, records show, not long after Oak Park village officials approved the project, according to Pioneer Press.

The proposed 19-story tower near Austin Gardens park initially was to be 18 stories, but ran into opposition from the village. Albion came back with a building with staggered roof heights of 9 to 19 stories that ultimately won approval.

The building also will include ground-floor retail and 207 parking spots. It is expected to take more than two years to complete, according to Pioneer Press.

Albion did not immediately respond to a request for comment.


Related Articles

arrow_forward_ios
PepsiCo CEO Ramon Laguarta and WeWork CEO Adam Neumann with the Old Post Office (Credit: Getty Images)

Space race: WeWork, PepsiCo may take a combined 320K sf at 601W Companies’ Old Post Office

Chicago casino operator probably won’t make much money, Tishman Speyer poaches JLL broker: Daily digest

Homes in Chicago's Archer Heights neighborhood (Credit: iStock)

Chicago Cheat Sheet: Chicago home value growth hits 3-year low, another suburban corporate exodus…& more

The Jeffery Towers portfolio

As South Shore booms, local investor seeks a big payout on 4-building portfolio

Kasa Living Founder and CEO Roman Pedan and One Superior Place (Credit: LinkedIn and One Superior Place)

In crowded multifamily market, this landlord is making a short-term rental play in River North

Jonathan Gray and the Courtyard by Marriott Downtown/River North

Blackstone is the latest investor in Chicago’s hot hotel market

Brothers Jon and Julian Mickelson and 606 East Woodland Park Avenue

After buying bulk of Bronzeville condo complex, two brothers decide against deconversion

Prolific Humboldt Park developer plans more housing amid criticism of its veterans housing complex

arrow_forward_ios